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Firms from Ithaca, Potsdam win funding in FuzeHub commercialization competition
ALBANY, N.Y. — Three Ithaca startups and one from Potsdam each captured $50,000 in prize money in FuzeHub’s commercialization competition held Nov. 7-8 in Albany.

MVHS, Upstate Cancer Center team up for radiation-oncology services Dec. 1
MVHS describes the Upstate Cancer Center as a “comprehensive resource” for cancer care that will supplement the services currently offered at the MVHS Cancer Center.
What channel is the Syracuse basketball game on? (vs. Morehead St.)
SYRACUSE, N.Y. — Syracuse basketball (1-0) looks to score a second win to open its new season when the No. 16/No. 14 Orange host the

Court accepts Tops Markets’ restructuring plan
WILLIAMSVILLE, N.Y. — Tops Markets, LLC on Thursday announced that the United States Bankruptcy Court for the Southern District of New York confirmed the company’s

CenterState CEO, Jubilee Homes to provide scholarships for drone course at upcoming drone event
SYRACUSE, N.Y. — CenterState CEO, in partnership with Jubilee Homes of Syracuse Inc., will offer scholarships for those interested in completing the FAA’s part 107

Syracuse Airport no longer “archaic,” ESD leader says
SYRACUSE — The “wholesale transformation” of Syracuse Hancock International Airport via the $62.4 million renovation project tells visitors that Syracuse is a “21st century city.” That’s according to Howard Zemsky, president, CEO and commissioner of Empire State Development (ESD) who added, “The old airport, as you know, did not.” Zemsky commented during his Nov. 1
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SYRACUSE — The “wholesale transformation” of Syracuse Hancock International Airport via the $62.4 million renovation project tells visitors that Syracuse is a “21st century city.”
That’s according to Howard Zemsky, president, CEO and commissioner of Empire State Development (ESD) who added, “The old airport, as you know, did not.”
Zemsky commented during his Nov. 1 visit to the facility for a ceremony celebrating the airport’s renovations.
“You know better than I do what an archaic airport this was and what a beautiful airport it now is,” said Zemsky.
Contractors have formally completed their work on the renovation project.
Christina Callahan, the airport’s executive director, tell CNYBJ in an email that Salina–based C&S Companies and San Francisco, California–based Gensler handled design work for the project. C&S also served as the construction project manager, while Rochester–based LeChase Construction Services, LLC, which has an office in Syracuse, was the project’s general contractor.
JWA Construction Management of Fayetteville served as the site representative, Callahan adds.
Of the project’s total cost, $35.8 million was provided by the state, $14.9 million came from the federal government, and $11.7 million was provided by the Syracuse Regional Airport Authority and Onondaga County, according to a release from the governor’s office.
Airports “are key”
The redevelopment of the Syracuse airport was undertaken as part of Gov. Cuomo’s Upstate Airport Economic Development and Revitalization competition, his office said.
Elmira Corning Regional Airport, the Greater Rochester International Airport, Ithaca Tompkins Regional Airport, Albany International Airport and the Plattsburgh International Airport are also part of the initiative, which seeks to “enhance” safety and economic development, improve operations and access, reduce environmental impact, and “create a better passenger experience.”
The airports “are key,” Cuomo said in remarks Nov. 1 at the Syracuse airport.

“Because for tourism to come here, for new businesses to come here, for people to visit, it’s about the airport,” said Cuomo. “The airport is the new front door and you fly around this world and you see magnificent airports and then you come to the United States and our airports are all second class … The airport is no longer a place just to drop people off and pick people up. The airport is a place to do business. It’s entertainment. People land here. They get a sense right away of what Central New York is all about.”
Cuomo joined local politicians and airport officials for a ribbon cutting. They included Syracuse Mayor Ben Walsh.
“The new and improved airport will bring visitors from across the globe, contributing to New York’s booming tourist industry and continuing to move Syracuse forward,” Walsh said in his remarks.
About the project
The redesigned airport features a terminal that is 14,500 square feet larger than the original structure, with “more modern” ticketing and baggage-handling processes. Additionally, a new exterior façade allows natural light to illuminate the passenger drop-off area and a precast concrete canopy that ran along the front of the terminal has been removed.
Two renovated glass pedestrian bridges above the passenger drop-off area give travelers with mobile airline tickets a more efficient route to their flights, allowing them to skip ticket lines.
A Taste NY grab-and-go kiosk will “promote New York’s food and beverage producers and provide travelers the opportunity to purchase locally-made and grown snacks, such as chips, candies, apples, ice cream, and beverages,” Cuomo’s office said.

Carrols Restaurant Group Q3 profit up nearly 30 percent
SYRACUSE — Carrols Restaurant Group, Inc. (NASDAQ: TAST) on Nov. 6 reported a 29 percent profit increase during its third quarter ending Sept. 30. The reported net income of $3.6 million, or 8 cents a share, was up from $2.8 million, or 6 cents, in the prior-year quarter, Carrols said in the Nov. 6 earnings
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SYRACUSE — Carrols Restaurant Group, Inc. (NASDAQ: TAST) on Nov. 6 reported a 29 percent profit increase during its third quarter ending Sept. 30.
The reported net income of $3.6 million, or 8 cents a share, was up from $2.8 million, or 6 cents, in the prior-year quarter, Carrols said in the Nov. 6 earnings report.
Syracuse–based Carrols says it is the largest Burger King franchisee in the U.S. and has operated Burger King restaurants since 1976.
Restaurant sales totaled $296.9 million, up 4.1 percent from $285.2 million in the third quarter of 2017.
Carrols reported that comparable restaurant sales increased 1.6 percent compared to a 7.5 percent increase in the prior-year quarter.
The firm estimates comparable restaurant sales were hurt by about 0.5 percent with the effects of Hurricane Florence. The company views the third quarter comparable restaurant sales increase “positively,” considering the negative impact from Hurricane Florence and the “formidable” 7.5 percent comparison from the prior year, Daniel Accordino, CEO of Carrols, said in the company’s news release.
Carrols owned and operated 838 Burger King restaurants at the end of the third quarter of 2018. It acquired 10 additional Burger King restaurants on Oct. 2, following the end of the quarter.
Carrols posted adjusted net income of $4 million, or 9 cents per share, in the third quarter, up 15 percent from $3.5 million, or 8 cents, in the year-ago period.
Updated guidance
Carrols also updated its outlook for the remainder of 2018
The firm expects total restaurant sales in a range between $1.17 billion and $1.18 billion, including a comparable-restaurant sales increase of 3.2 percent to 3.8 percent with an increase of 0 percent to 2 percent in the fourth quarter, per its earnings report.
It previously expected a range between $1.16 billion and $1.18 billion and a comparable restaurant sales increase of 3 percent to 4 percent.
Carrols also expects a decline in commodity costs of about 1 percent, including a 3 percent to 4 percent decrease in beef costs. It previously expected commodity costs “to be flat” with a 1 percent to 2 percent decrease in beef costs.
The firm also expects to close 10 to 15 existing restaurants, of which nine have been closed through the end of the third quarter. Its previous expectation was to close between 15 and 20 existing stores.

SBA Emerging Leaders program graduates 2018 participants
SYRACUSE — Owners and leading officials of 18 area companies participated in the U.S. Small Business Administration’s (SBA) Emerging Leaders program in 2018. The SBA honored the group during a graduation ceremony held Oct. 15 at the Gateway Center at SUNY College of Environmental Science and Forestry (SUNY ESF). The Gateway Center is located east
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SYRACUSE — Owners and leading officials of 18 area companies participated in the U.S. Small Business Administration’s (SBA) Emerging Leaders program in 2018.
The SBA honored the group during a graduation ceremony held Oct. 15 at the Gateway Center at SUNY College of Environmental Science and Forestry (SUNY ESF).
The Gateway Center is located east of Syracuse University’s Sadler Hall and across Forestry Drive from the Carrier Dome.
“Our graduates have just spent months analyzing their business financials, identifying sales trends, leveraging resources, learning new management skills, and planning how to sustainably expand their business. I am positive that each graduate stands better prepared to face new challenges and opportunities for their small business,” Bernard J. Paprocki, director of the SBA Syracuse district office, said in a news release.
The Emerging Leaders Initiative provides free entrepreneurship education and training for executives of small, “poised-for-growth” companies that are “potential job creators,” the SBA said.
The “intensive” executive entrepreneurship series includes nearly 100 hours of classroom time. It also provides opportunities for small-business owners to work with experienced coaches and mentors, attend workshops, and develop connections with their peers, local leaders, and the financial community.
The SBA program is made possible through support from local cosponsors that include Blackstone LaunchPad; CenterState CEO; CNYTDO; City of Syracuse Office of Neighborhood and Business Development; Falcone Center for Entrepreneurship; Manufacturers Association of Central New York (MACNY); Onondaga County; Onondaga Small Business Development Center; SUNY ESF, Syracuse SCORE chapter; the Downtown Committee of Syracuse, Inc.; the Tech Garden; and the WISE Women’s Business Center, the SBA said.
Participants, SBA officials
The accompanying photo includes this year’s participants.
Back row from left to right: Steve Bulger, SBA region II administrator; Nicholas Mir, co-owner of Snow Ridge Resort, LLC in Turin; Matt Notaro, president of Sun Environmental Corp. of Clay; Nicholas Ryan, co-owner of Strong Hearts Café, LLC of Syracuse; Douglas Arena, partner and project manager at Bell & Spina Architects in Syracuse; Scott Colbert, owner of Paul Davis Restoration of North Country NY in Hastings; Thaddeus Lovett, president of Lovett Mechanical Contractors Inc. of Syracuse; Chris Keevil, president of the Copy Centers of Syracuse; Paul Kocur, VP of government sales at Oneida Business Enterprises, Inc.; and James Thew, principal with Thew Associates PE in Marcy.
Front row from left to right: Jenn Beach Brillante, VP of business development at C&D Advertising of Utica; Laura Cueva, president & CEO of Interior Innovations of Utica; Natalie Evans, co-owner of The Sweet Praxis in downtown Syracuse; Nabil Rab, CEO of Altenew of Syracuse; Paul Vinciguerra, business development manager at Upstate Printing Inc. in Syracuse; Michael Weisel, managing partner of Galaxy Brewing Company of Binghamton; Mary Celletti, CEO of Golden Spike Pub in East Syracuse; Thomas Brown, a partner in Blue Water Capital Management, LLC of Syracuse; Andrew Cambria, owner of the Cambria Agency of Cicero; and Bernard J. Paprocki, SBA Syracuse District Director.
The participants work in sectors that include manufacturing, food service, and technology.
EBRI: Consistent 401(k) contributions grow account balances
The average 401(k) plan account balance of “consistent 401(k) participants” — those who remained active in the same 401(k) plans from year-end 2010 through year-end 2016 — more than doubled in that period. That’s according to new data that the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI), both based in Washington, D.C.,
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The average 401(k) plan account balance of “consistent 401(k) participants” — those who remained active in the same 401(k) plans from year-end 2010 through year-end 2016 — more than doubled in that period.
That’s according to new data that the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI), both based in Washington, D.C., published Nov. 6.
The study was entitled “What Does Consistent Participation in 401(k) Plans Generate? Changes in 401(k) Account Balances, 2010–2016.” It examined the accounts of 6.1 million consistent 401(k) participants.
The analysis found that average 401(k) plan account balances for consistent participants increased by 122 percent during this period, with all age groups registering “significant increases,” according to an EBRI news release. The 401(k) account-balance growth reflects contributions of employers and workers, in addition to investment returns, and varies with participants’ asset allocation, withdrawals, and loan activity.
“Tracking the account balances of a consistent group of 401(k) participants highlights the growth potential of this powerful savings tool,” Sarah Holden, ICI’s senior director of retirement and investor research, contended. “These results demonstrate the benefit of persistent saving and underscore how 401(k) plans have become such a vital savings vehicle for millions of Americans.”
Why does sample group matter?
This study analyzes a subset of the 27.1 million 401(k) plan participants in the EBRI/ICI database — those who remained active in the same 401(k) plans over the past six years.
It is “important” to study consistent participants because the average 401(k) account balance for the database as a whole can be “buffeted” by 401(k) participants entering and leaving the database. The account holders may change jobs or retire, and plan sponsors enter and leave the database as they change recordkeepers.
EBRI and ICI jointly publish a separate annual update examining “large” cross sections of the whole database.
Studying consistent participants allows for a “more in-depth analysis of the potential” for 401(k) participants to accumulate retirement savings over time.
“The data in this report help us understand the importance of continuous participation in the 401(k) system,” Jack VanDerhei, EBRI’s director of research, said in the release. “By analyzing data from consistent participants over the past six years, we’re able to see that 401(k) plan accounts have a very positive financial effect on retirement nest eggs, thus helping savers plan for the future.”
Key analysis findings
The average 401(k) plan account balance of the consistent participants grew at a compound annual average rate of 14.2 percent, from 2010 through year-end 2016, to $167,330. This was more than double the average account balance of $75,358 among all participants in the EBRI/ICI 401(k) database at year-end 2016.
Among the group of consistent participants, 26.4 percent had more than $200,000 in their 401(k) plan accounts at their current employers, while another 18.4 percent had accumulated between $100,000 and $200,000.
About two-thirds of 401(k) participants’ assets were invested in equities at year-end 2016 — whether through equity funds, the equity portion of target date and non–target date balanced funds, or company stock. Asset allocations were “broadly similar” across the consistent participant sample and participants in the broader EBRI/ICI 401(k) database at year-end 2016.
About the organizations
EBRI describes itself as a “private, nonpartisan,” nonprofit research institute based in Washington, D.C. It focuses on health, savings, retirement, and economic-security issues. EBRI does not lobby and does not take policy positions.
The ICI represents regulated funds globally, including mutual funds, exchange-traded funds, closed-end funds, and unit investment trusts in the United States, and similar funds offered to investors in jurisdictions worldwide.
ICI’s members manage total assets of U.S. $20.5 trillion in this country, serving more than 100 million U.S. shareholders, and U.S. $6.7 trillion in assets in other jurisdictions.
ICI carries out its international work through ICI Global, with offices in London, Hong Kong, and Washington, D.C.

Syracuse University establishes search committee for next iSchool dean
SYRACUSE — Syracuse University on Nov. 5 announced it has formed a search committee for the next dean of the School of Information Studies (iSchool). Current iSchool Dean Liz Liddy announced in early September that she would retire at the end of the 2018-19 academic year. David Seaman, dean of libraries and University librarian, will
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SYRACUSE — Syracuse University on Nov. 5 announced it has formed a search committee for the next dean of the School of Information Studies (iSchool).
Current iSchool Dean Liz Liddy announced in early September that she would retire at the end of the 2018-19 academic year.
David Seaman, dean of libraries and University librarian, will chair the iSchool search committee.
“I have great confidence in Dean Seaman and the search committee to find just the right candidate to fill the huge shoes of Dean Liddy and continue to break new ground in this ever-evolving field,” Michele Wheatly, vice chancellor for academic affairs and provost, said in the release. She added that the iSchool is “nationally recognized for innovative programs in information policy, information behavior, information management, information systems, information technology, information services, data analytics and enterprise data systems.”
New York City–based search firm Russell Reynolds Associates will be assisting the search committee in its work, the school said.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.